2019 (2) TMI 1833

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....epaying an amount of Rs. 32,02,543/-, and hence this petition is filed under Section 9 of Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, by Operational Creditor to initiate Corporate Insolvency Resolution Process, under the Insolvency and Bankruptcy Code, 2016. 2. Averments in Brief: A. It is averred that operational Creditor M/S. Cosmic Chemicals is a partnership firm Registered with Directorate of Industries State of Maharashtra, as a MSME unit, engaged in the manufacture of Chemicals like Metallic Salts. B. It is averred that corporate debtor had been doing business with the operational creditor since 2015. During the course of busi....

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.... 24.11.2015 300 3,51,135 12 20.12.2015 335 3,51,135 E. It is averred that when the demand was made by the operational creditor and in turn the corporate debtor paid part amount of Rs. 1,13,732/- for the materials supplied. The total outstanding balance is Rs. 32,02,543/- being the principle amount for the material supplied to the corporate debtor. F. It is averred that despite demands made by the operational creditor for clearing the dues the corporate debtor approached the Micro and Small Enterprises Facilitation Council ,Konkan for a claim under section of the MSME Act, 2016 on 13.05.2016. The council Registered the claim and held conciliation and later called in for arbitration and finally passed an or....

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.... Corporate Debtor committed default. Therefore, petition is liable to be admitted. 6. The Operational Creditor proposes the name of Mr. Ram Murthy Kommera, as Interim Resolution Professional. The proposed IRP has given written consent in Form-2 vide memo. He has also certified there are no disciplinary proceedings pending against him either with the Board or ICSI. He has enclosed certificate of Registration. 7. The Adjudicating Authority is satisfied that the Corporate Debtor failed to discharge its liability mentioned in the Petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), resulting occurrence of default for an amount of Rs. 32,02,543/-. 8. Hence, the Adjudicating Author....